Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process...
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Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process inventory consists of 12,000 units. The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the cost per equivalent unit for the period is $4.10 for material and $1.30 for labor and overhead, what is the balance of the ending work in process inventory account would be |
Homework Answers
| Calculation of ending work in process: | |||
| Materials: 12,000 units × 100% complete = 12,000 | |||
| Conversion:12,000 units × 70% complete = 8,400 | |||
| Materials | Conversion | Total | |
| Ending work in process: | |||
| Equivalent units of production | 12,000.00 | 8,400.00 | |
| Cost per equivalent unit | $ 4.10 | $ 1.30 | |
| Cost of ending work in process | $ 49,200.00 | $ 10,920.00 | $ 60,120.00 |
Therefore, balance of the ending work in process inventory = $60,120
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